Closing the loophole: Why some businesses pay less in corporate taxes and how Democrats want to fix it

Closing the loophole: Why some businesses pay less in corporate taxes and how Democrats want to fix it

Currently, businesses and corporations in Pennsylvania can shift their earnings to states with lighter tax burdens to pay less in corporate net income taxes.

 

It’s a strategy that is commonly referred to as the “Delaware loophole” since Delaware does not levy a corporate net income tax on business subsidiaries holding intangible assets. This allows multi-state businesses to transfer money to their Delaware-based subsidiary through transactions and other maneuvers to avoid paying the CNIT in other states, including Pennsylvania.

Wednesday, July 17, 2019/Author: Justin Sweitzer
Categories: News and Views
Progressives call on lawmakers to 'tax the rich'

Progressives call on lawmakers to 'tax the rich'

On Tuesday, a small but vocal group of liberal activists gathered on the steps of the Capitol to advocate for an idea that they believe will improve Pennsylvania’s economic standing — they want to tax the rich.

 

As part of a nationwide “Tax The Rich” bus tour, progressive groups Tax March and MAYDAY America brought their traveling tour to Harrisburg, where they stumped for policies that would raise revenue by increasing taxes on Pennsylvania’s wealthiest citizens and corporations.

Wednesday, July 10, 2019/Author: Justin Sweitzer
Categories: News and Views
Push to expand state's film tax credit reignites debate over the program's value

Push to expand state's film tax credit reignites debate over the program's value

Want to film your movie or TV show in Pennsylvania? Some lawmakers are trying to make it more enticing for film studios to answer that question with a “yes.”

Sen. Tom Killion (R-Delaware) announced a proposal Monday that would almost double the amount of money allocated for the state’s tax credit for film and TV productions. The current cap on the program sits at $65 million but Killion’s bill would see that rise to $125 million.
Thursday, February 7, 2019/Author: Andrew Bahl
Categories: News and Views
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